As someone who has owned two other Jaguars, an XJ6 and an XJ8, that were purchased new and kept for 7 or more years and 100k miles, without any problems, I was optimistic that my purchase of a 1999 XK8 in the spring of 2010 would not present any problems.
I researched the car and was aware of the timing chain issue (which I replaced immediately on purchase of the car), but I was unprepared for mysterious "check engine" light problems.
After several unsuccessful attempts by my repair shop the problem ultimately was the electronic throttle control module (a very expensive part).
After replacing the ECM - no problems.
All in all still a lot of car for the money!
Smooth ride, good all around performance, great lines and quality.